Kuwait Says Saudi Arabia to U.A.E. Comply With OPEC Output Cuts

Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Countries said. Qatar, Kuwait and Oman are also complying, having announced cuts to customers, Nawal Al-Fezaia, Kuwait’s OPEC governor, said in an interview Monday in Kuwait City where OPEC’s Secretary General Mohammad Barkindo is scheduled to have talks on the cuts with Kuwait Oil Minister Essam Al-Marzouk and other officials. OPEC and crude producers outside the group, including Russia, are implementing production cuts of about 1.8 million barrels a day this year after crude prices slumped from more than $100 a barrel since 2014 amid oversupply. Libya and Nigeria are exempt from the cuts because of conflict. Brent crude is little changed this year at $56.84 a barrel after rallying 51 percent last year. “It’s a good time to […]